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European Council Confirms Christine Lagarde As Next ECB Chief

European leaders on Friday confirmed the appointment of Christine Lagarde as the next president of the European Central Bank.

Lagarde, who is the former managing director of the International Monetary Fund, will take office on November 1, after the incumbent Mario Draghi steps down on October 31. She is the first woman to become the ECB chief.

The former French finance minister is set to inherit a fractured Governing Council as several hawkish policymakers, especially those from Germany, have voiced opposition to the latest round of stimulus measures announced in September.

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